Carasent
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Carasent (CARA) investor relations material

Carasent Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved 15% organic ARR growth and 16% reported organic growth year-over-year, with strong improvements in profitability and a robust sales pipeline.

  • Q4 2025 delivered strong results, with net sales up 19% year-over-year and organic growth of 16%.

  • Performance aligned with updated 2025 targets, with revenue and EBITDA both within guided ranges.

  • AI initiatives, including the launch of MedSum and transition to OpenAI/ChatGPT, are enhancing productivity and opening new revenue opportunities.

  • Major implementation of Volvat (Capio Norway) completed, transferring over 5 million medical records and onboarding 3,000 users.

Financial highlights

  • Q4 2025 revenue reached SEK 93.6 million, up 19% year-over-year; full-year 2025 revenue was SEK 343.8 million, up from SEK 275.3 million in 2024.

  • Subscription-based revenue grew 20% YoY in Q4; consulting and other revenue up 34% YoY, driven by major implementations and one-off projects.

  • Q4 2025 EBITDA was SEK 23.8 million (margin 25%), up from SEK -8.7 million last year; adjusted EBITDA margin also 25%.

  • Full-year EBITDA reached SEK 73.3 million (margin 21%), up from SEK 11.6 million; adjusted EBITDA margin 21%.

  • Net income for Q4 was SEK 29.1 million, and SEK 34.8 million for the year, both positive reversals from prior losses.

Outlook and guidance

  • Strong growth expected in the Nordics for 2026; German growth will be low in the near term as new products roll out from a small base.

  • Sales capacity will be increased in Sweden and Germany, with a focus on new customer acquisition.

  • Continued investment in product development, AI, and efficiency, with cost control and no drastic changes in OpEx for 2026 except for German sales and marketing.

  • Revenue and EBITDA for 2025 were in line with updated targets, with continued focus on converting growth to EBITDAC.

  • Large part of future growth expected to fall to the bottom line.

Germany growth strategy for 2026?
Cash balance decline and capital allocation?
Future product investment focus?
OpenAI shift: MedSun sales and cost impact
Webdoc X Germany: launch timeline and sales approach?
Strategy to win large new customers
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Frequently asked questions

Carasent ASA is a Norwegian investment management company that provides cloud-based software solutions to the healthcare industry in the Nordic region. The Company is an open platform for application developers, asset owners and its own portfolio of hospitals. Carasent has footprint within Norway, Sweden, Finland and Denmark. Carasent develops software for managing medical records in a digital manner. The company is based in Olso, Norway.

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